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Closing Costs - Insurance

There are a variety of types of insurance costs you may incur during the home buying process depending on whether you are on the seller or buying side of the transaction. 

Homeowner's Insurance (Buyer):

This insurance covers replacement costs for damages caused by fire, wind or other disaster that might affect the value of the property. Typically, the insurance also includes personal liability and theft coverage. All new home purchases that include a mortgage will be required to have insurance bound at the time of closing.

Flood or Quake Insurance (Buyer):

Additional hazard insurance coverage that is required for homes located in a designated hazard zone as established by the Federal Emergency Management Agency (FEMA). As we tour houses, I will let you know if the property resides in a hazard zone. As above, if you're purchasing the home utilizing a mortgage, your lender may require these types of insurance as a condition of originating the loan. 

Private Mortgage Insurance (PMI) (Buyer):

Insurance required for conventional mortgage loans when the borrower's down payment on the house is less than 20 percent of the loan value. This is typically required when using a conventional and FHA mortgage. 

Title Insurance (Buyer & Seller):

This policy protects both the buyer and lender by insuring a clear chain of title. In other words, it ensures that that the person who sells the house has the legal right to do so. In Central Florida, it is customary for the Seller to pay for the cost of a title insurance policy at the time of closing. But, the Lender will also require the Buyer to bind and pay for an Owner's Policy which specifically covers the lender during the loan term. 

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